Green Climate Fund: New capital to accelerate investment in global climate action

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    Twenty-five countries pledged support to the Green Climate Fund (GCF) with USD$9.3 billion over the next four years (2024-2027). The Fund urges further contributions from other countries in the coming weeks.

    The funding pledges received Thursday enable the GCF to channel new, additional and predictable financial resources to developing countries to support the paradigm shift towards low-emission and climate resilient development pathways – mitigating 1.5 to 2.4 gigatonnes of carbon dioxide equivalent – and enhancing the resilience of up to 900 million people.

    “Time is not on our side. And promises made must be promises kept. This is the only way to rebuild the trust needed to confront the climate crisis,” said Selwin Hart, Special Adviser to the UN Secretary-General and Assistant Secretary-General of the Climate Action Team.

    “The conference in Bonn sends a signal of solidarity: the world is standing together in the fight against climate change. Many pledges were made today, and more will follow before the UN Climate Summit in December. This will enable the Green Climate Fund to continue and further advance its important work in emerging and developing countries. It will be able to invest in climate-friendly agriculture, coastal protection, reforestation and the energy transition in Asia, Africa, Eastern Europe, Latin America and the islands of the Caribbean and Pacific. At this conference, Germany made it clear that we stand by our responsibility and will do our fair share.” said Svenja Schulze, Federal Minister for Economic Cooperation and Development, Germany.

    “I am grateful to our contributors who have pledged to the Green Climate Fund’s replenishment so far. They recognise that addressing the climate crisis is a shared responsibility, and that developing nations are not alone in this fight. As we approach COP28 and look beyond, we will redouble our efforts to support the vulnerable, unlock private capital, drive efficiency, and enable transformative climate action where it is needed most. To the nations that have yet to pledge, and which I’m confident will, we stand ready to welcome you into the fold as we jointly pursue lasting structural change,” said Mafalda Duarte, Executive Director of the Green Climate Fund.

    GCF is the world’s largest, dedicated multilateral climate fund, with USD£ 12.7 billion portfolio of GCF resources. Today signals the world’s commitment to GCF’s new 2024-2027 programming period.

    GCF will deploy its financial resources, continue to grow its 200-plus strong partnerships, build its convening power and knowledge to intentionally invest in the world’s most vulnerable communities – with a focus to maximise private sector investment and coalesce multiple partners and investments behind singular, country-led initiatives.

    Investments supported by the Green Climate Fund are already transforming lives in 129 developing countries:

    *Vulnerable people supported in Least Developed Countries (LDCs), Small Island Developing States (SIDS), African states and fragile and conflict states – including Afghanistan, Eritrea and Yemen.

    *“Hardest to Reach” project providing affordable and green energy access to first time users in low-income populations in 16 countries across Africa, including Somalia.

    *Enhancing the climate resilience and livelihoods of indigenous peoples, including the indigenous wetlands communities in Peru – reducing greenhouse gas emissions from deforestation.

    *Strengthening food security by supporting pioneering and early-growth agribusinesses of smallholder farmers including in Ghana, Kenya, Nigeria and Uganda.

    *Building the resilience of water supplies for communities, including in Vanuatu.

    As we head toward the Conference of the Parties on Climate Change (COP28) today’s commitments demonstrate, in a world with multiple competing crises, there is full recognition that climate is the one that affects everyone on the planet.

    SOURCE: GCF/PACNEWS